Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: See Note 1
De Minimis Rate Used: N
Rate Explanation: See Note 2
The accompanying schedule of expenditures of federal awards ("the Schedule") inlcudes the federal award activity of the City under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Cod of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City.
Title: Note 2: Summary of Significant Accounting Policies
Accounting Policies: See Note 1
De Minimis Rate Used: N
Rate Explanation: See Note 2
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represenet adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years. The City has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3: Loans and Loan Guarantee Programs
Accounting Policies: See Note 1
De Minimis Rate Used: N
Rate Explanation: See Note 2
At June 30, 2023, the City had $5,113,400 outstanding in loan guarantee programs relating to Capitialization Grants for Drinking Water State Revolving Funds through the United States Environmental Protection Agency passed through the Georgia Environmental Finance Authority. These funds are payable to the Georgia Environmental Finance Authority.